Friday, 14 November 2008

Mastek looking for acquisitions worth $10-$40 mln

MUMBAI (Reuters) - Software services firm Mastek Ltd is looking for acquisitions worth $10-$40 million, a top company official said on Friday.

The company would look to acquire the target in insurance and healthcare services, group Chief Financial Officer R S Desikan told Reuters in an interview.

The company plans to fund the acquisition through internal accruals and has 2 billion rupees in cash and cash equivalents, he said.

"Cash is not an issue for acquisition," he said.

Mastek would also be relatively insulated from the current financial crisis as its exposure to pure banking services was under 10 percent, he added.

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